How low can crude oil go?
After trading as high as $73 a barrel, crude oil began to buckle under pressure as the CFTC began to look into position limits that can be held by traders. Adam Hewison, Market Club, presented this one live during the Wednesday July 8, 2009 trading session. He has a excellent command of technical analysis and trading patterns that's enlightening.
Whatâs happening now is giving speculation a bad name. Speculators form a very important task in assuming risk that is being transferred from either a producer or an end-user. Without this transfer of risk, which couldnât take place without the speculator taking the other side of the trade, prices would be artificial at best. This approach has worked for hundreds of years and over a century here in the US.
Now back to crude oilâŚ
In Adam Hewison's new video you will see what has happened to crude oil in the last eight days. Youâll will also see what he believes will be the area that crude oil will find support.
Click on the image below or here to watch this charting analysis video presented by Adam Hewison of Market Club.
